Bitcoin (BTC) consolidated near one-month lows on Tuesday as a jump in U.S. bonds punished stocks and safe havens.
Key points:
- Bitcoin joins the risk assets that are feeling pressure from skyrocketing US Treasury yields.
- Catalysts such as high oil prices continue to weigh on market sentiment with the stakes still high in the US-Iran war.
- Bitcoin is now at a “key support level”, the latest market analysis warns.
US 30-year yields hit their highest level since 2007
Data from TradingView showed BTC/USD holding below $77,000 around the Wall Street open, while maintaining the previous day’s low.
BTC/USD hourly chart. Source: Cointelegraph/TradingView
The macro winds of the day are still focused on US bond marketswith the 30-year yield reaching its highest levels since July 2007.
This put downward pressure on stocks, along with gold and silver. XAU/USD fell below $4,500 to hit its lowest levels since late March.
XAU/USD one day chart. Source: Cointelegraph/TradingView
Commenting, Ole S. Hansen, head of commodity strategy at Saxobank, said the bonds reflected demand for “greater compensation for holding long-term debt amid war-fueled energy inflation and growing concerns about widening budget deficits.”
“These developments sent gold below $4,500 support, highlighting the current market reaction function driven by oil, inflation expectations, bond yields and central bank rate expectations,” he wrote in reaction to X.
US yield curve data. Source: Ole S. Hansen/X
The news that US President Donald Trump had called off strikes on Iran offered little relief to the markets.
In a post on Social truthTrump added that the Gulf countries should be “prepared to move forward with a full-scale, large-scale attack on Iran, at a moment’s notice, in the event that an acceptable agreement is not reached” on the conflict.
Source: Truth Social
Bitcoin Analysis Sees “Key” Support Hold
In crypto circles, the outlook has turned bleaker. Trader and analyst Michaël van de Poppe has warned of a doubling of the price of BTC due to high bond yields and high oil prices.
Related: BTC price ‘bull trap’ at 76.5 thousand dollars? Five things you need to know about Bitcoin this week
“None of them are progressive for risk assets (including Bitcoin), which means we clearly need to see them reverse in order to see strength return to the ecosystem,” he said. told X followers.
Van de Poppe said that Bitcoin itself does not “look great”.
“Bitcoin is at a key support level and looks set to hold,” previous X post stated.
“Anything lower than $75,000 to $76,000 may signal that the accumulation needs to last longer.”
BTC/USDT one day chart. Source: Michaël van de Poppe/X
